Weying, the China-based operator of mobile ticketing service Wepiao, confirmed a RMB1.5bn ($235m) series C round featuring internet company Tencent and conglomerate Dalian Wanda Group yesterday.
The round, originally reported by local news outlets last week, was led by Beijing Cultural Assets Chinese Anci Films & Television Fund, and also featured agribusiness New Hope Group, Citics Prosperity Fund, which is in turn run by Citic Capital, GGV Capital, Southern Capital, Gopher Asset Management, Noah Private Wealth Management and INLY.
Wepiao is a ticketing platform that has signed up around 4,500 cinemas and more than 1,200 theatres, stadiums and exhibition centres, but Weying as a whole runs a diversified business that also takes in technology development, investment and production, mobile marketing and online distribution.
Tencent, the state-owned China Culture Industry Investment Fund and Bison Capital supplied Weyang’s seed capital before Tencent, Wanda, trading firm Shanghai Gangtai Group, Wenzi Huasha, Shandong Luxin Investment Holdings Group and eCapital added $105m in April 2015.
The equity funding has been raised in addition to more than $470m raised by Weying for Weying Capital, an entertainment investment fund that will support films, shows, exhibitions and sports, and make equity investments in content, production, distribution, marketing and live venues.
Weying-Noah Cultural Industry Fund, an arts and culture industry fund co-run by Weying, wealth management services provider Noah Private Wealth Management and investment firm Gopher Asset has meanwhile accumulated about $315m.